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Today’s Trading Edge: Oil remains heavy as supply concerns weigh on prices

Posted by WorldWideMarkets . on Mar 20, 2017 11:23:41 PM

 

Oil prices initially rallied in NY after OPEC support for continuing their supply cut agreement into second half of year is reportedly increasing.  They also noted that they would require non-OPEC participation to extend agreement.  The markets ignored the prospect of a possible extension of supply cuts as concerns remain strong on growing US oil output and high inventories. 

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Topics: US Crude oil, crude oil, WTI, $OIL

Technical Analysis: WTI Crude Oil Forms Rising Channel at 54.00 - 44.00

Posted by Chris Advincula on Feb 10, 2017 8:20:57 PM

(Feb 10 Friday) WTI Crude Oil displays a rising channel pattern with three visible rising support lows: 35.25 (April 3) - 39.25 (Aug 1) and 43.02 (Nov 1). The top side, although not a perfect straight line also shows the highs are ascending as well; 51.64 (Jun 8) - 52.20 (50.80) and 55.22 (Jan 2).

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Topics: commodities, technical anlaysis, WTI, West Texas Intermediate crude oil

Today’s Trading Edge: Oil surges to a 16-month high after oil producers deliver on an output agreement

Posted by WorldWideMarkets . on Dec 12, 2016 3:09:36 AM

Oil prices surged to a 16-month high as WTI rallied over 5% to $54.51 after OPEC and non-OPEC producers make biggest move in 6 years to reduce supply.  Saudi Arabia additionally signaling deeper cuts also helped accelerate the rally. 

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Topics: US Oil, WTI, West Texas Intermediate crude oil, $OIL

Technical Analysis: WTI Crude Oil Breaks Key Resistance at 50.00

Posted by Chris Advincula on Dec 2, 2016 11:52:03 AM

(Dec 2 Friday) On the weekly chart, WTI Crude Oil shows a good rebound from the low of 26.00 (Feb 15) and forms an upward channel with the rising bottoms. The crucial and psychological resistance of 50 has been breached 3 times from Jun 6, Oct 3 and today. The 14 day moving average rose from 45 to 50.48 while the 30 DMA rose steadily from 44 to 49. 

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Topics: commodities, European Session, technical analysis, WTI, West Texas Intermediate crude oil

Oil Steady Near 2016 Highs After U.S. Inventory Drop

Posted by Chris Advincula on Oct 6, 2016 10:39:12 AM

(Oct 6 Reuters) Oil prices were steady on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day to stay within sight of this year's highs hit in June.

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Topics: Crude, commodities, WTI, West Texas Intermediate crude oil, Brent

 

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